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Our latest stats were published by RMLS™ today.  Inventory has increased and the market is slowing

What we are seeing are contingency offers being accepted by sellers, some areas seeing longer days on the market, not as many multiple offers (although this is still occurring in some areas and in certain price ranges), not selling at full price and sellers much more willing to do repairs. The total number of pending and sold properties are down and have slowed.

When the market was “hotter” and sellers had received multiple offers, sellers were in a better position to stand firm in their desire to do absolutely no repairs.  My last 2 sales had sellers adamant they were not going to do any repairs, causing my buyers to decide whether it was worth it to them to move forward.  In one case it was not, and in another case it was.

The number of listings increased this month which means buyers have more inventory to choose from and although we are still in a sellers’ market, we are edging towards a more normal real estate market. As long as we still have low inventory, prices will continue to increase.  However, as we move into Fall, or as inventory increases, prices will start getting reduced.  A good buyers market seems to be heading our way.

There is a lot of talk about a crash or a bubble bursting.  I don’t think this will happen.  We have been in an extremely increasing market now for 10 years, and I just think prices are leveling off, which is a good thing for buyers.  Prices are still increasing just not at as fast a rate.  Sellers are still seeing an increase in their equity and many sellers have now recovered, and then some, from the recession.

July 2018 RMLS™ Market Update

July Residential Highlights

Pending Sales

Pending sales saw gains this July in the Portland metro area. At 3,071, pending sales outpaced July 2017 (3,040) by 1.0% and June 2018 (3,059) by 0.4%.

New Listingsrmlsweb.com/bettyjung.com

New listings, at 4,312, outpaced July 2017 (4,202) by 2.6%, but cooled 4.5% when compared with June 2018, when 4,515 new listings were  offered.

Closed Sales

Closed sales (2,736) cooled 2.0% from July 2017 (2,793) and 7.1% from June 2018 (2,946).

Days On The Market

Total market time decreased by one day in July, ending at 36 days.

Inventory of Houses For Sale

During the same period, inventory increased slightly to 2.4 months. July saw 6,549 active residential listings on the market. The closest we had to 2.4 months of inventory was in September 2017 when we had 2.3 months.

Year To Date Summary

Activity so far in 2018 is mixed compared to 2017. New listings (26,455) are up 2.8%. Pending sales (19,221) are down 0.9% and closed sales (17,445) are down 2.0%.

Average and Median Sale Prices

Comparing 2018 to 2017 through July of each year, the average sale price rose 6.0% from $428,000 to
$453,600. In the same comparison, the median sale price rose 5.8% from $378,000 to $400,000.

Lake Oswego Stats

This month Lake Oswego/West Linn’s inventory also increased.  Last month Lake Oswego/West Linn had 2.3 months of available houses for sale, and this month it edged up to 3.2 months of houses for sale.  In addition, sales have dropped in area 147 as well (Lake Oswego/West Linn).  Last month there were 178 sales in all of Lake Oswego/West Linn and this month that volume dropped to 153 sales.

Again, there isn’t a lot to be alarmed about as we are heading into Fall and typically the real estate market slows down, although it seems it started slowing down somewhat earlier this year.  As always, it is easier to look backward than forwards.  Will this continue or not?

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Today our RMLS™ released the most recent market action update.  This report is important as the report represents June stats – and we are at end of 6 month market activity.

Most of us here in the Portland metro area have noticed a slow-down.  I am writing more in detail about that in my Jung’s Journal – my real estate newsletter this month.  If you don’t receive my Jung’s Journal,  please send me your email and I will be happy to share what I write to my clients about our real estate activity in the Portland metro areas.

June Residential Highlightshttps://lakeoswegorealestateblog.wordpress.com/

The Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month.

Closed Sales

At 2,946, closed sales slipped 7.6% below the 3,187 closings recorded last year in June 2017, but outpaced May 2018 (2,803) by 5.1%. Even so, June closings were last lower in 2014, when 2,617 were
recorded for the month.

New Listings

New listings, at 4,515, ended 4.7% cooler than in June 2017 (4,739) and 3.2% cooler than last month in May 2018 (4,665).

Pending Sales

Pending sales fared similarly. There were 3,059 offers accepted, falling 6.0% below the 3,254 offers accepted last year in June 2017 and 4.4% below the 3,201 offers accepted last month in May 2018.

Inventory

Inventory rose to 2.1 months in  June, with total market time holding steady at 37 days.

Year to Date Summary Activityhttps://lakeoswegorealestateblog.wordpress.com/

So far in 2018 is a little mixed compared to 2017. New listings (22,079) are up 2.7%. Pending sales (16,297) are down 1.7% and closed sales (14,546) are down 2.2%.

Average and Median Sale Prices

Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to
$453,400. In the same comparison, the median sale price rose 6.7% from $375,000 to $400,000.

Lake Oswego Stats

Lake Oswego has 2.6 months of inventory and prices YTD increased by 8.8%.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

I was anxiously awaiting our latest RMLS™ Market Action report for May.  Many of the Facebook real estate groups I am in are indicating there has been a slow down. Please note these stats are for the month of May and are 30 days behind the market and does not show what is actually happening today in our Portland metro areal estate markets.

Further, many folks think from April to June is a busy real estate time, when in reality, people start going on vacations, there are graduations, weddings, and people filing their income tax returns and waiting for their tax refunds, if they are fortunate to get one lol.

The increase of listings for sale, will slow the market. There are more and more properties coming on the market for sale, especially in Lake Oswego.

However, I am still seeing multiple offer situations, especially those where I have written offers.

Where I am seeing multiple offers is in the multi family and fixer type of properties. Also houses under $400,000. I have been in two multi offer situations on multi family properties where there were 4 offers on each. In 2 fixer uppers where there were 11-15 offers (and one sold over $100,000 over asking just recently) and where I wrote that offer on a single family home under $400,000, it had 5 offers and another single family home that had 8 offers.

Investors are out there and Portland has a lot of cash. I also am seeing sellers asking ridiculous prices, way over what the neighborhoods will bear, and they are just sitting on the market. In recent open houses I have had at least 15-20 buyers through each time – buyers are out there. However, I think they are tired of seeing escalating home prices and not wanting to pay those higher prices.

RMLS™ Market Action Report May 2018

As inventory levels increase, prices will not escalate as dramatically as we have seen. If those levels continue to increase, and again we are 30 days behind in current market activity, prices will begin to level off.

May Residential Highlights

New Listings

New listings made some gains this May in the Portland metro area. At 4,665, new listings outpaced May 2017 (4,388) by 6.3% and rose 16.9% from last month in April 2018 (3,990). This was the strongest May for new listings since 2008, when 5,182 were offered in the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales (2,803) fell 3.2% short of the 2,896 closings recorded last year in May 2017 but showed a11.1% increase from last month in April 2018 (2,523).

Pending Sales

Pending sales (3,201) fared similarly, decreasing 6.8% from May 2017 (3,435) but rising 6.4% from April 2018 (3,008).

Inventory of Houses For Sale

Inventory in the Portland metro area remained unchanged in May.

Days on The Market For Sale

During the same time, total market time decreased by five days to end at 37 days.

Year to Date Summary

Activity so far in 2018 is a little mixed compared to 2017. New listings (17,506) are up 4.9%. Closed sales (11,492) are down 0.2%, and pending sales (13,360) are down 0.8%.

Average and Median Sale Prices

https://lakeoswegorealestateblog.wordpress.com/Comparing 2018 to 2017 through May of each year, the average sale price rose 5.9% from $423,800 to $448,600. In the same comparison, the median sale price rose 8.0 from $370,000 to $399,500.

SUMMARY
We are still in a sellers’ market and will remain in one until our inventory of houses reaches at least 5-6 months. In spite of a lull right now, as soon as we get closer to the start of school, there will once again be a frenzy to purchase. However, the number of active listings have increased, and the number of pending sales (current market activity) has decreased.

There are some that are saying we will have a recession in 2020. I don’t rely heavily on that type of information, as no one has a crystal ball and many predictions have been wrong in the past. My concern however, is that Portland is no longer a “top destination” for move-ins.  We were at #1 for a long time and I have seen some reports that we are in the top 3 and others saying we are now #18. I do know that people moving into our state has also slowed down.

Lake Oswego Real Estate Market

For the month of May 2018, there were 522 active property listings for sale, compared to 2017 at this time when we had only 382.There were also 175 sales in this May vs. 161 in May 2017. In addition, prices have escalated YTD in May 2018 by 7.5% in the Lake Oswego/West Linn real estate markets, compared to 9.1% in 2017. There currently is 2.9 months of houses for sale in Lake Oswego/West Linn. In 2017 in May, there was 2.3 months of inventory available.  I am noticing the number of houses coming on the market in Lake Oswego/West Linn increase since last month.

I have stated many times here that our market has not been as “hot” as it was last year or 2 years ago.There has been a gradual slow-down all along. Our RMLS™, combines stats for Lake Oswego/West Linn.

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates are also increasing but are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate. I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Once again we edged up only slightly in inventory.Certainly not enough to meet buyer demand in this Spring real estate market, yet alone as we enter our busiest buying season going into Summer.

Lake Oswego Real Estate April 2018 RMLS™ Market Action Report

April Residential Highlights

Closed Sales

Closed sales saw an upswing this April in the Portland metro area real estate market. There were 2,523 closings, a 13.7% increase over April 2017 (2,219) and a 6.4% increase over last month in March 2018 (2,371).

New Listings

New listings (3,990) saw gains as well, outpacing April 2017 (3,759) by 6.1% and March 2018 (3,648) by 9.4%.

Pending Sales

Pending sales, at 3,008 in April, fell 2.6% short of the 3,088 offers accepted last year in April 2017 but edged 3.9% over the 2,894 offers accepted last month in March 2018.

Inventorybettyjung.com

Inventory increased by a fraction of a month in the Portland metro area in April, ending at 1.8 months. During the same time, total market time decreased to 42 days. There were 4,469 active residential listings in the Portland metro area this April.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($436,800) with the average price of homes in the twelve months ending April 2017 ($406,400) shows an increase of 7.5%. In the same comparison, the median has increased 9.1% from $355,300 to$387,500.

Lake Oswego Real Estate Market

Lake Oswego had 2.2 months of inventory in April 2018, down from 2.6 months in March 2018. There is still a shortage in most, if not all, of our real estate markets throughout Portland.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

In January,  I posted the price appreciation for the different Portland metro real estate markets. You can view that post here to compare with the following update.

Here are the latest price appreciation stats from the RMLS™  March Market Action Report for the First Quarter 2018.

Price Appreciation Portland Metro Areas First Quarter 2018 Year To DateCopyright bettyjung.com

  • North Portland: 6.6%
  • Northeast Portland: 7.3%
  • Southeast: 8.4%
  • Gresham/Troutdale: 12%
  • Milwaukie/Clackamas: 9.4%
  • Oregon City/Canby: 6%
  • Lake Oswego/West Linn: 6.1%
  • West Portland: 3.1%
  • NW Washington County: 7.5%
  • Beaverton/Aloha: 9..1%
  • Tigard/Wilsonville: 7.4%
  • Hillsboro/Forest Grove: 9.9%
  • Mt. Hood: 14.1%
  • Columbia County: 11.8%
  • Yamhill County: 10.6%

Lake Oswego/West Linn Price Appreciation

As many, including myself, have been reporting, our local real estate market has slowed down a bit from the last two years.  However, as soon as we turned the page on the calendar to March 2018, the real estate market developed into a frenzy yet again.

Lake Oswego did experience a slower increase in prices compared to last year from 9.4% to 6.1% this first quarter.  However, it should be noted prices are still increasing and will, in my opinion, continue to increase as long as our inventory of houses remains so low. Some areas are still seeing higher demand than others and; yet again, not all areas are seeing multiple offers.

I too have been super busy as we enter into the Spring real estate season.  Weather has been beautiful and I know buyers are out wanting to purchase, in spite of increases recently in interest rates. We need more houses to sell. The low inventory is making it more difficult to find a home and some buyers are being priced out of the market.

There were a couple clients of mine who I told last year that they should buy as prices would be increasing.  They did not purchase, and you can see from the above stats, prices did and are still increasing.  Both those buyers thought prices would drop this year and now are regretting not buying when I suggested they do so. They are still in the market to purchase but their searches have now shifted into different areas and different price ranges.

Don’t wait to buy real estate. Buy real estate and wait.

— Robert G. Allen

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Hot Off The Press!  The March 2018 RMLS™ Market Action Report was just published.

Lake Oswego Real Estate March 2018 RMLS™ Market Action Report

We are heading into another wild and crazy real estate market in the Portland and Lake Oswego real estate markets this Spring and most likelbettyung.comy Summer as well.

Inventory is dropping when it should be increasing.  The Portland metro real estate market decreased from 1.9 months of inventory to 1.6 months in March 2018. We have way too few houses for sale to meet buyer demand!!! It will, however, be interesting to watch if rising interest rates put a damper on sales.  I personally don’t think they will – at not least in the immediate future.

Lake Oswego Real Estate Market

The Lake Oswego real estate market had inventory decrease as well.  In January, Lake Oswego had 2.9 months, February had 3.2 months and now our latest stats show that March had 2.6 months of inventory in Lake Oswego.

There is still high buyer demand.  We are still seeing multiple offers in most, not all, areas.  Unless inventory increases significantly, which it most likely won’t increase to the levels we need, this frenzy we have been seeing will only continue.

March Residential Highlights

New listings in the Portland metro area saw a slight gain compared to last year this March. At 3,648 for the month, new listings edged 1.2% over the 3,604 new listings offered last year in March 2017 and were 44.2% warmer than last month in February 2018 (2,530). This was the best March for new listings in the area since 2010, when 4,987 new listings were offered.

Closed Sales

Closed sales (2,371) were 4.9% cooler than the 2,494 closings recorded in March 2017 but ended
31.3% warmer than the 1,806 closings recorded last month in February 2018.

Pending Sales

Pending sales fared similarly, cooling 4.9% from March 2017 (3,043) despite a 23.8% increase over the 2,337 offers accepted last month in February 2018.

Inventory of Houses For Sale

Inventory in the Portland metro area decreased slightly to 1.6 months in March, with total market time decreasing to 55 days. There were 3,844 active residential listings in the metro area in March.

Average and Median Sale Pricesbettyjung.com

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($435,000) with the average price of homes in the twelve months ending March 2017 ($404,200) shows an increase of 7.6%.

In the same comparison, the median has increased 8.8% from $353,800 to $385,000.

Inventory Levels Past Several Years

To put some of this into perspective, here is how our Portland metro real estate markets’ inventory levels were:

  • 2016 – we had 1.3 months of inventory in March
  • 2015 – we had 1.9 months of inventory in March
  • 2014 – we had 3.1 months of inventory in March
  • 2013 – we had 3.2 months of inventory in March

Summary

The last two years our real estate market was on steroids.  I certainly envision the same this Spring and Summer. Frankly, I feel for the buyers who will be buying homes in our highly competitive real estate markets. It is still a sellers’ real estate market.  Many homeowners now have reached equity levels beyond what they saw prior to the recession and it may be a good time for more sellers to “cash in”.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Oh boy!!! Looking at the RMLS™ Market Action Report for February 2018 tells me it will be a wild and crazy Portland metro real estate market heading into the next several months, and not unlike we have had the last couple of years. Instead of an increasing inventory of houses for sale, February saw 1.9 months,  a decrease from 2.2  months in January 2018.

So, we may be facing yet again, a Spring and Summer real estate market with multiple offers, over asking price sales plus rising prices.  Buyers can’t seem to get a break. This Portland metro real estate market continues to favor sellers.  Sellers where are you??

We could easily use at least 4-5 times the number of houses for sale than we currently have.  It isn’t even close to a balanced, or what we might consider to be, a “normal” real estate market.

Lake Oswego Real Estate RMLS Market Action Report February 2018

February Residential Highlights

Closings had a strong month this February in the Portland metro area. There were 1,806 closed sales, a 8.2% increase over February 2017 (1,669) and a 10.9% increase over January 2018 (1,628).

New Listings

New listings (2,530) saw gains in February as well, outpacing February 2017 (2,521) by 0.4% and January 2018 (2,486) by 1.8%.

Pending Sales

Pending sales, at 2,337, fell 1.4% short of the 2,369 offers accepted last year in February 2017 but inched 1.1% ahead of the 2,311 offers accepted last month in January 2018.

Days On The Market – Total Market Time

Total market time increased by nine days in February, ending at 69 days. Inventory decreased slightly to 1.9 months in the same month.

Active Listings For Sale

There were 3,441 active residential listings in the Portland metro area this February.

Average And Median Sale Prices

bettyjung.comComparing the average price of homes sold in the twelve months ending February 28th of this year ($432,200) with the average price of homes in the twelve months ending February 2017 ($402,000) shows an increase of 7.5%. In the same comparison, the median has increased 9.4% from $350,000 to $383,000.

Lake Oswego Real Estate Summary

Lake Oswego on the other hand saw an increase in the number of houses for sale.  January we had 2.9 months of inventory, while February saw an increase to 3.2 months.  However, we are also still a seller’s market in Lake Oswego too.

The Portland metro area real estate market had a 7.5% price increase year to date; whereas, Lake Oswego had a 4.8% price increase YTD.

Interest Rates

bettyjung.com

Courtesy Mike Popnoe

Interest rates are increasing and there are now loans where you can lock in a rate before you ever find a house you want to purchase.  Want more information?  Give me a call at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Our most recent market action report was issued yesterday.

January 2018 RMLS™ Market Action Report

January Residential Highlights

The Portland metro area saw plenty of pending sales and new listings this January.

Pending Sales

Pending sales at 2,311, outpaced January 2017 (1,990) by 16.1% and December 2017 (1,757) by 31.5%. It was the strongest January for pending listings in the metro area since 2007, when 2,544 offers were accepted in January.

New Listingshttp://bettyjung.com

New listings, at 2,486, outpaced January 2017 (2,212) by 12.4% and December 2017 (1,617) by 53.7%. I am not surprised that there was an uptick of listings in December and January.

Weather plays a big part in our real estate activity here in our area.  December saw only a dash of snow Christmas eve, compared to none in January.

Closed Sales

Closed sales, at 1,628, cooled 11.9% from the 1,847 closings recorded last year in January 2017 and 30.7% from the 2,350 closings recorded last month in December 2017.

Inventory

Inventory rose a bit in January, ending at 2.2 months. During the same period, total market time increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.

Average and Median Sale Priceshttp://bettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($430,100) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,000 to $380,000.

Lake Oswego Real Estate Inventory

Here in Lake Oswego, we have a 3 month supply of houses for sale, up from 2.9  months in December.

Summary

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

Prices continue to increase and we are still in a seller’s market. Although interest increases have started, I won’t know until next month how that impacted our February 2018 real estate activity.

I am seeing more and more houses come on the market for sale, while not as much activity in the pending or sold categories.  But we are heading into prime selling season, and I know many sellers are getting their homes ready for sale, and with interest rates increasing, buyers are also ready to act.http://bettyjung.com

 Interest Rates as of February 14, 2018

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Courtesy Mike Popnoe, Mortgage Trust

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Our RMLS™ Market Action Report was issued recently and you can view my post here.

Have you ever wondered what the median price of homes would be in each of the Portland Metro Real Estate https://lakeoswegorealestateblog.wordpress.com/markets?

Lake Oswego Real Estate 2017 Median Home Prices

Here are the final median prices for all the Portland real estate metro areas as we ended 2017:

  • NW Washington County/Sauvie Island – $502,500
  • Hillsboro/Forest Grove – $352,500
  • Yamhill County – $307,800
  • Beaverton/Aloha – $354,500
  • Tigard/Tualatin/Sherwood – $412,000
  • Lake Oswego – $597,500
  • Oregon City/Canby/Molalla/Beavercreek – $375,000
  • Milwaukie/Gladstone/Boring/Clackamas/Estacada – 385,000
  • SE Portland – $350,000
  • West Portland – $499,000
  • Gresham/Troutdale/Sandy/Corbett/Fairview – $322,000
  • Mt. Hood/ZigZag/Welches/Brightwood/Government Camp – $239,300
  • NE Portland – $379,000
  • North Portland – $390,500

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

December Residential Highlights

The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered. We are, however, at all time record lows for the number of houses for sale.

Pending Sales

Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.

Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6%

Year to Date Summary

Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.

Average and Median Sale Priceshttps://lakeoswegorealestateblog.wordpress.com/

Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.

 YEAR-END INVENTORY

https://lakeoswegorealestateblog.wordpress.com/How did the Portland real estate market fare in 2017? The Business Journal just issued their 2017 rating the top 25 real estate markets in the Portland metro real estate market.  You can view how each Portland metro real estate area ranked here.

Lake Oswego real estate ended 2017 with 2.9 months of inventory.  Although higher than the 1.9 months of inventory Portland saw at year’s end, Lake Oswego inventory had been higher in previous months.

SUMMARY

The latest economic forecasts for 2018 are pouring in from everywhere.  Some hint at a possible recession or bubble.  While they, nor I have a crystal ball, real estate is local, even street by street.  What happens back East or anywhere else, may not happen here in the Pacific Northwest.

The one recurring theme, however, is that there will be a slow down.  Some look at that as a bad thing, whereas in our Portland real estate market, it is not necessarily so.  The wild and frenzy real estate market we have had the past several years, is now slowing down, and for many reasons.  That real estate frenzy was not sustainable and real estate always has its ups and downs. With a lack of inventory, prices will continue to increase.  Some areas are “hotter” than others.

I personally feel there will be no bubble.  As to a recession, again I have no crystal ball.  We are edging ever-so slowly to a more normal market, which is good. However, in the 39 years I have been selling real estate, one thing I know for sure, is that people always, no matter the interest rate, purchase homes.

Unlike during the “hot housing market” up until 2007, which was fueled by crazy mortgages and home loans, the current market will slow and will depend on interest rates and supply and demand.

There is still a back log of buyers and sellers now is the time to sell.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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